Imperial Oil profit halves due to charge on Nova Scotia refinery

Reuters Staff

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Aug 1 (Reuters) - Imperial Oil Ltd’s second-quarter profit nearly halved as the company took a non-cash charge of C$264 million related to the planned conversion of its refinery in Dartmouth, Nova Scotia.

Net income for the oil producer and refiner fell to C$327 million ($318 million), or 38 Canadian cents per share, from C$635 million, or 75 Canadian cents per share, a year earlier.

Total revenue and other income rose 6 percent to C$7.96 billion.

Imperial, controlled by Exxon Mobil Corp, said in June it was unable to find a buyer for its refinery in Nova Scotia and would instead convert it into a terminal operation.

The refinery is Imperial’s least-profitable operation as it uses high-priced imported crude oil.